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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (40273)1/26/2018 3:04:51 PM
From: Goose94Read Replies (1) of 203020
 
Crude Oil: Saudi oil minister accuses IEA of overhyping shale. Saudi oil minister Khalid al-Falih made headlines on Thursday when he said at the World Economic Forum that the IEA had an “oversized focus” on U.S. shale growth. He implied that the IEA was hyping the threat of U.S. shale. “I was not disputing the amazing revolution of shale?.?.?.[but] in the overall global supply demand picture it’s not going to wreck the train,” al-Falih said in Davos. “We should not be scared,” he added. “That’s the core job of the IEA, not to take it out of context.” The statement prompted retorts from top IEA officials that shale was indeed one of the biggest “game changers” in the energy industry in the past decade. Al-Falih noted that it was highly unlikely that OPEC would abandon the production cuts before the end of the year.


Energy stocks lagged the broader S&P 500 last year, but are up more than 20 percent in the past six months. With demand rising, some market analysts see more gains ahead, even if oil prices fail to move higher. Because of the poor performance last year, energy stocks have some catching up to do and could continue to outperform the broader market. “[W]e don’t think oil needs to move higher,” Ben Kallo, energy analyst at Baird, told the WSJ. “Rather, oil just needs to avoid another correction.”
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